A New Era Web 3.0

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 Web 3.0 is the third version of the Internet based on block chain technology. Web 3.0 aims to create an intelligent, autonomous, connected and open Internet. As we move to Web 3.0, decentralization is expected to be a major trend. In short, it is a concept that transfers power from a single person or body to a mass of people.

India was one of the early proponents of Web 3.0 technology. According to the 'Crypto tech Industry in India, 2021' report by NASSCOM and WazirX, more than 230 Web 3.0 start-ups have already started in India.

With the advancement of Internet technology through Web 3.0, there is a strong possibility that the technology will be weaponries, cyber threats become more widespread and the challenges to national security increase. In this scenario, it is necessary to closely examine the future viability and sustainability of Web 3.0.

Opportunities for India: India has used technology to shape its domestic socio-economic development. This technology has produced more inclusive and impactful social outcomes.

For example, through  Aadhaar, Jan Dhan, UPI, CoWin for vaccination etc. India has created low-cost, high-effective 'take-for-better-life' innovations. In this sequence, India can also take advantage of this early development phase of Web 3.0 by playing a leadership and catalytic role.

Web 3.0 can accelerate the value of India's digital economy. With such opportunities, there is a need to promote and provide financial incentives to the startup ecosystem to put India well on the Web 3.0 map. Revitalizing e-citizen and e-governance: Web 3.0 can be used for better user experience of digital government services as well as better quality data for more evidence-based policy making.

From a government perspective, cross-ministerial services can be built more quickly through block chain technology.

Attention to Interoperable and Ethical Standards: As all technologies evolve, the development of the Internet is also inevitable. Making Web 3.0 a strong driver of global economic growth requires active efforts by nations and industry bodies to build open, ethical and interoperable systems with sound standards.

Decentralized Science- (DeSc): The decentralized nature of Web 3.0 can be harnessed to remove barriers to patents in science and research and to harness available resources for the global good.

For example, block chain technology was used to store and classify massive data related to DNA genome sequencing of viruses.

by
Ram Jatan Yadav

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